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Depends. If rates drop for a few months, the market won't respond too quickly. Even more inflexible going the other way. Rates increase, but price decreases could take a long time to adjust to it. By then, rates can be even higher. But you are correct, these things have an inverse relationship.
http://online.wsj.com/article/SB10001424052748704463804576291310602601624.html?mod=WSJ_RealEstate_LeftTopNews
probably means 2011 is not a good time to buy. based on the inverse interest rate vs price relationship.
#investing